One of the significant issues affecting popular blockchain technologies such as Bitcoin is the subject of scalability. Blockchain technologies are created in such a way that every block on the blockchain can only handle and store a limited volume of data or information. For instance, Bitcoin’s block size is limited to 1MB. However, with the ever-increasing demand, users are forced to live with higher transaction fees and times.
Nano cryptocurrency as technology brings a new breath of fresh vibrancy in the cryptocurrency space offering a novel design architecture that can provide instant transaction times with unlimited scalability.
What is NANO?
Formerly known as RailBlocks, NANO is a virtual currency that is based on DAG and block-lattice data structure. Nano cryptocurrency is an advanced technology that is not similar to any other cryptocurrency in the market thanks to its advanced technology.
Some of the features of NANO include the elimination of miners and mining on its platform and allowing digital instantaneous and zero-rated settlements.
Nano’s Block-lattice Architecture
Nano cryptocurrency has a single blockchain for every individual account that is controlled by the private key belonging to the primary account. Each blockchain is duplicated to all the peers in the platform. This process of duplication is known as a block-lattice.
Using its send and receive blocks, balances are transferred between blockchains where the send blocks decrease the balance of the primary account and identify the delta as a receivable using an account number. As the process continues, a receive block is created by the receiving account which increases the amount of money in the account using the delta.
Using the novel Directed Acyclic Graph or DAG which is based on the block lattice architecture, Nano ensures each user is in possession of their blockchain. A user blockchain is tasked with the responsibility to record account balances instead of tracking transaction amounts like in other blockchain technologies.
This method adopted by the Nanotechnology assists in allowing the use of database pruning that helps less absolute storage requirements. Also, every user blockchain is tasked with the duty to reflect information that is related to the user’s balance record or history, functionality that can only be updated by the owner.
One of the features that make the lattice architecture stand out is the ability of an individual’s blockchain to be updated to the main block lattice asynchronously.
Since absolute control over individual blockchains is vested in unique users, distributed agreement protocols that are responsible for the decision of the shared global state of the ledger are not a requirement. Such distributed agreement protocols include proof-of-work or POW and proof-of-stake also known as PoS.
The Future of Nano Technology and Cryptocurrency
In today’s world and the cryptocurrency/ blockchain ecosystem, there is no shortage of innovation as constant news of upgrades, and changes meet the world.
At the moment, Nanotechnology might be the most innovative technology the cryptocurrency market has ever witnessed. Thanks to its novel block-lattice architecture, Nano has managed to revolutionize the cryptocurrency space by building a truly decentralized network of instant and free transactions.
Going by the current progress, the Nano project has managed to accomplish remarkably; it is safe to say that the future is bright for Nano coin.
XRB Token and Price Prediction
XRB is the default cryptocurrency used by NANO that has been recording surprising growth rates over the past seven days. The coin efficiently recorded a growth rate of about 90%. In the seven day duration, XRB maintained impressive price surges concluding the week with a flattering performance.
Currently, the Nano coin is being exchanged at $3.18 with a market cap of over $420 billion US dollars, and a trading volume of about $47 million in the span of 24-hours.
XRB’s $3.18 price looks like a reasonable price, but it falls behind its all-time high rate of $30 that it clocked back in January. If cryptocurrency market rides the ‘heavy bulls’ at the end of this year, as anticipated by many crypto experts, Nano coin‘s price will also get appreciated. Still, it is hard to tell that the cryptocurrency will reach its all-time high this year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Nathaniel Shuman on Unsplash
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